Bitcoin Drops Below $200

Bitcoin slipped below $200 today and traded down as low as $179 and change. Ruth Reader covered it for Venture Beat:

Very early this morning the coin’s price fell below the $200 mark to $179.13, before somewhat rebounding. As of this writing the coin is worth $194.29.

Yesterday, the value of Bitcoin started descending quickly. Its value depreciated from its opening price of $267 to a low of $224 by 4 a.m. PT, according to Coindesk’s chart. Those who watch the market have long said that a fall below $250 could be dangerous for the Bitcoin ecosystem.

As Bitcoin continues to lose value, more and more Bitcoin owners head to the exchanges to sell their lot, which is causing the value to fall further. What’s more, as Bitcoin’s value moves south, Bitcoin miners begin to suffer. One Bitcoin exchange, CEX.IO, has already halted its cloud mining service due to the price drop.